Envestnet Asset Management Inc. Has $284.84 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Asset Management Inc. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,119,971 shares of the software maker's stock after acquiring an additional 107,464 shares during the period. Envestnet Asset Management Inc. owned about 0.41% of Cadence Design Systems worth $284,842,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at about $25,000. Valley National Advisers Inc. lifted its position in Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC lifted its position in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems in the 4th quarter valued at about $39,000. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems in the 4th quarter valued at about $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, KeyCorp boosted their price target on shares of Cadence Design Systems from $340.00 to $358.00 and gave the stock an "overweight" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $327.93.

Insiders Place Their Bets

In other news, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock valued at $6,114,587 in the last three months. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Down 0.6%

CDNS traded down $2.06 on Friday, reaching $320.60. 1,201,465 shares of the company traded hands, compared to its average volume of 2,036,282. The stock's 50 day moving average price is $307.83 and its 200-day moving average price is $287.56. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $330.09. The company has a market cap of $87.54 billion, a price-to-earnings ratio of 81.16, a PEG ratio of 4.47 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.17 earnings per share. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.